Introduction to Economic Reasoning: International Edition
Autor William D. Rohlf, Jr.en Limba Engleză Paperback – feb 2007
The Seventh Edition relates coherent explanations of general theories and models with thought-provoking, current features that apply and enliven core concepts. The hands-on economic reasoning approach promotes the idea that students can use economic analysis in their everyday lives to help them succeed in their careers and understand today’s global economic issues.
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Specificații
ISBN-13: 9780321498779
ISBN-10: 0321498771
Pagini: 560
Dimensiuni: 187 x 232 mm
Greutate: 0.8 kg
Ediția:7Nouă
Editura: Pearson Education
Colecția Pearson Education
Locul publicării:Upper Saddle River, United States
ISBN-10: 0321498771
Pagini: 560
Dimensiuni: 187 x 232 mm
Greutate: 0.8 kg
Ediția:7Nouă
Editura: Pearson Education
Colecția Pearson Education
Locul publicării:Upper Saddle River, United States
Cuprins
PART ONE. INTRODUCTION: SCARCITY AND THE ECONOMIC SYSTEM
Chapter 1. The Study of Economics
The Economic Problem
Cost-Benefit Analysis and Opportunity Cost
The Production Possibilities Curve
The Three Fundamental Questions
Five Economic Goals
Conflicts and Trade-Offs
Economic Theory and Policy
Economists and Conclusions
The Organization of the Text
Chapter 2. Economic Systems
The Model of Pure Capitalism
The Model of Pure Command Socialism
Mixed Economies: The Real-World Solution
PART TWO. MICROECONOMICS: MARKETS, PRICES, AND THE ROLE OF COMPETITION
Chapter 3. Demand and Supply: Price Determination in Competitive Markets
Demand
The Law of Demand
Determinants of Demand
Change in Quantity Demanded versus Change in Demand
Supply
The Law of Supply
Determinants of Supply
Change in Supply versus Change in Quantity Supplied
The Process of Price Determination
Changes in the Equilibrium Price
Economic Efficiency and the Role of Prices
Chapter 4. Applications Using Demand and Supply
Government Intervention in Pricing
Elasticity of Demand
Chapter 5. Costs and Decision Making
Explaining Human Behavior: The Role of Assumptions
The Importance of Marginal Analysis
The Improper Estimation of Costs
Business Decision Making and the Pursuit of Profit
Short-Run Costs of Production
The Cost Curves
Selecting the Profit-Maximizing Level of Output
Gas Stations, Fast Food, and the All-Night Grocery Store
Chapter 6. Price Taking: The Purely Competitive Firm
The Nature of Pure Competition
The Firm under Pure Competition
Profit Maximization in the Short Run
Profit Maximization in the Long Run
The Benefits of Pure Competition
Chapter 7. Price Searching: The Firm with Market Power
The Acquisition of Market Power
Price Searching
The Profit-Maximization Rule
Evaluating the Short-Run Profit or Loss
Barriers to Entry and Long-Run Profits
Price Searchers and Resource Allocation
Price Searchers and Economies of Scale
Chapter 8. Industry Structure and Public Policy
Industry Structure and Market Power
Pure Competition
Monopolistic Competition
Oligopoly
Monopoly
The Consequences of Monopoly or Oligopoly
Antitrust and Regulation
Chapter 9. Market Failure
Externalities as a Source of Market Failure
Market Failure and the Provision of Public Goods
Government Failure: The Theory of Public Choice
PART THREE. MACROECONOMICS: THE ECONOMY AS A WHOLE
Chapter 10. Measuring Aggregate Performance
Measuring Unemployment
Measuring Inflation
Measuring Total Output
Chapter 11. Aggregate Demand and Supply: The Model of the Self-Correcting Economy
Aggregate Demand
Changes in Aggregate Demand
Aggregate Supply
Changes in Aggregate Supply
The Equilibrium Output and Price Level
The Impact of Changes in Aggregate Demand or Supply
The Model of the Self-Correcting Economy
Chapter 12. Fiscal Policy
The Federal Budget
Classical Economics, the Great Depression, and John Maynard Keynes
The Existence of Unemployment or Inflation
Discretionary Fiscal Policy: Combating Unemployment or Inflation
Automatic Fiscal Policy: The Economy’s Automatic Stabilizers
Fiscal Policy and the Federal Budget
Issues Related to Fiscal Policy
The Public Debt
Chapter 13. Money, Banking, and Monetary Policy
What Is Money?
How Depository Institutions Create Money
The Federal Reserve System
Monetary Policy and the Federal Reserve
Money, Interest Rates, and the Level of Economic Activity
The Limits to Monetary Policy
Chapter 14. The Activist-Nonactivist Debate
The Activist Position: Keynes Revisited
The Nonactivist Position: The Monetarists
The Nonactivist Position: The New Classical Economists
A Different Form of Activism: Managing Aggregate Supply
Summing Up: Final Thoughts on Policy Activism
Chapter 15. Economic Growth: The Importance of the Long Run
Economic Growth and Why It Matters
Sources of Economic Growth
Policies to Promote Growth
Debates about Growth Policy
PART FOUR. INTERNATIONAL ECONOMICS: TRADE, EXCHANGE RATES, AND THE ROLE OF TRADE AGREEMENTS
Chapter 16. International Economics
Interdependent Economies and U.S. Trade
The Rationale for International Trade
Barriers to Trade
Reducing Barriers: The Role of Trade Agreements
Exchange Rates
Managing Exchange Rates
Glossary
Photo Credits
Index
Chapter 1. The Study of Economics
The Economic Problem
Cost-Benefit Analysis and Opportunity Cost
The Production Possibilities Curve
The Three Fundamental Questions
Five Economic Goals
Conflicts and Trade-Offs
Economic Theory and Policy
Economists and Conclusions
The Organization of the Text
Chapter 2. Economic Systems
The Model of Pure Capitalism
The Model of Pure Command Socialism
Mixed Economies: The Real-World Solution
PART TWO. MICROECONOMICS: MARKETS, PRICES, AND THE ROLE OF COMPETITION
Chapter 3. Demand and Supply: Price Determination in Competitive Markets
Demand
The Law of Demand
Determinants of Demand
Change in Quantity Demanded versus Change in Demand
Supply
The Law of Supply
Determinants of Supply
Change in Supply versus Change in Quantity Supplied
The Process of Price Determination
Changes in the Equilibrium Price
Economic Efficiency and the Role of Prices
Chapter 4. Applications Using Demand and Supply
Government Intervention in Pricing
Elasticity of Demand
Chapter 5. Costs and Decision Making
Explaining Human Behavior: The Role of Assumptions
The Importance of Marginal Analysis
The Improper Estimation of Costs
Business Decision Making and the Pursuit of Profit
Short-Run Costs of Production
The Cost Curves
Selecting the Profit-Maximizing Level of Output
Gas Stations, Fast Food, and the All-Night Grocery Store
Chapter 6. Price Taking: The Purely Competitive Firm
The Nature of Pure Competition
The Firm under Pure Competition
Profit Maximization in the Short Run
Profit Maximization in the Long Run
The Benefits of Pure Competition
Chapter 7. Price Searching: The Firm with Market Power
The Acquisition of Market Power
Price Searching
The Profit-Maximization Rule
Evaluating the Short-Run Profit or Loss
Barriers to Entry and Long-Run Profits
Price Searchers and Resource Allocation
Price Searchers and Economies of Scale
Chapter 8. Industry Structure and Public Policy
Industry Structure and Market Power
Pure Competition
Monopolistic Competition
Oligopoly
Monopoly
The Consequences of Monopoly or Oligopoly
Antitrust and Regulation
Chapter 9. Market Failure
Externalities as a Source of Market Failure
Market Failure and the Provision of Public Goods
Government Failure: The Theory of Public Choice
PART THREE. MACROECONOMICS: THE ECONOMY AS A WHOLE
Chapter 10. Measuring Aggregate Performance
Measuring Unemployment
Measuring Inflation
Measuring Total Output
Chapter 11. Aggregate Demand and Supply: The Model of the Self-Correcting Economy
Aggregate Demand
Changes in Aggregate Demand
Aggregate Supply
Changes in Aggregate Supply
The Equilibrium Output and Price Level
The Impact of Changes in Aggregate Demand or Supply
The Model of the Self-Correcting Economy
Chapter 12. Fiscal Policy
The Federal Budget
Classical Economics, the Great Depression, and John Maynard Keynes
The Existence of Unemployment or Inflation
Discretionary Fiscal Policy: Combating Unemployment or Inflation
Automatic Fiscal Policy: The Economy’s Automatic Stabilizers
Fiscal Policy and the Federal Budget
Issues Related to Fiscal Policy
The Public Debt
Chapter 13. Money, Banking, and Monetary Policy
What Is Money?
How Depository Institutions Create Money
The Federal Reserve System
Monetary Policy and the Federal Reserve
Money, Interest Rates, and the Level of Economic Activity
The Limits to Monetary Policy
Chapter 14. The Activist-Nonactivist Debate
The Activist Position: Keynes Revisited
The Nonactivist Position: The Monetarists
The Nonactivist Position: The New Classical Economists
A Different Form of Activism: Managing Aggregate Supply
Summing Up: Final Thoughts on Policy Activism
Chapter 15. Economic Growth: The Importance of the Long Run
Economic Growth and Why It Matters
Sources of Economic Growth
Policies to Promote Growth
Debates about Growth Policy
PART FOUR. INTERNATIONAL ECONOMICS: TRADE, EXCHANGE RATES, AND THE ROLE OF TRADE AGREEMENTS
Chapter 16. International Economics
Interdependent Economies and U.S. Trade
The Rationale for International Trade
Barriers to Trade
Reducing Barriers: The Role of Trade Agreements
Exchange Rates
Managing Exchange Rates
Glossary
Photo Credits
Index
Notă biografică
Dr. William Rohlf is a Professor of Economics at Drury University. Dr. Rohlf was awarded his doctorate in 1972 from Kansas State University; a Masters from the Kansas State University in 1969; and a bachelors degree from Baker University, Baldwin City, Kansas, in 1967.
Caracteristici
- The core of the text is economic theory, and all essential micro and macroeconomic concepts are included. Extraneous information is omitted so that more time can be devoted to the careful, patient development of the most important concepts.
- Thoughtful, clear development of potentially challenging topics such as the theory of rational expectations and game theory make the concepts accessible to the beginning student.
- A built-in study guide, including fill-in-the-blank and multiple choice questions (with answers) and problems and questions for discussion, appears at the end of each chapter of the text, increasing the likelihood that the study guide will be used, encouraging students to review the chapter to correct deficiencies.
- The importance of marginal reasoning is developed at the personal level and then extended to business decision-making.
- A discussion of the price elasticity of demand, with applications such as excise taxes and subsidies, is integrated into Chapter 4, Applications Using Demand and Supply.
- The discussion of marginal reasoning is blended with the analysis of production costs in chapter 5, Costs and Decision Making.
- Expanded student exercises have been added to the companion website at www.aw-bc.com/rohlf.
- The Instructor’s Manual and Test Bank, both created by the book’s author, William Rohlf, are cohesive with the book’s content, providing instructors with fluid transitions between supplements between the book and supplements.
Caracteristici noi
- The international trade and finance chapters (formerly chapters 16 and 17) are condensed into a single, concise chapter.
- Chapter 9, Market Failure, is heavily updated, and includes a new appendix, Poverty, Equality, and Trends in Income Distribution.
- Updated Use Your Economic Reasoning boxes, built around relevant articles from the New York Times and other major sources, reflect current developments in economic news and research, demonstrating real-world applications of economic principles and prompting students to test their knowledge in realistic situations.
- Refreshed end-of-chapter questions—about 30 percent new throughout the book—give students the opportunity to practice their knowledge.
- Now available in print format, the Workbook for Introduction to Economic Reasoning asks real-world economic application questions, requiring students to apply their economic reasoning in critical thinking situations.